Total
0
Shares
Chesser Resources (ASX:CHZ) - CEO & Managing Director, Mike Brown - The Market Herald
CEO & Managing Director, Mike Brown
Source: 121 Mining Investment Events
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Chesser Resources' (CHZ) shares have soared 167 per cent following high-grade results from its Diamba Sud Gold Project in Senegal, West Africa
  • In Area D, drilling intersected thick, shallow, high-grade mineralisation across a 200-metre wide zone in five holes
  • Chesser intersected gold grading up to 6.70 grams per tonne and 4.27 grams per tonne of gold
  • Mineralisation remains open to the southwest, northeast and to the northwest
  • Results from six holes in Area A are pending as well as two incomplete holes that were re-entered
  • Company shares are up 167 per cent and are trading for 28 cents

Chesser Resources' (CHZ) shares have soared 167 per cent following spectacular drilling results from its Diamba Sud Gold Project in Senegal, West Africa.

The company has reported drill results from 17 reverse circulation (RC) holes totalling 1525 metres. Out of these, nine holes are from Area D, four holes are from Area B and the remaining four holes are from the Western Splay target area.

Area D

Two RC lines were drilled on a southwest-northeast orientation to test for potential structures that host high-grade intersections from previous drilling.

The drilling area lies within the Northern Arc gold geochemical anomaly, which hasn't previously been fully drilled.

All five holes drilled on one line resulted in significant mineralisation over wide zones. The company observed high-grade intersections up to 67.80g/t gold within wide, continuous zones of mineralisation.

Best results include; 48 metres at 6.70g/t gold from 24 metres, including 10 metres at 25.14g/t gold from 62 metres; 38 metres at 4.63g/t gold from eight metres, including 18 metres at 7.04g/t gold from 28 metres, including four metres at 18.30g/t gold from 30 metres.

The second lines intersected sedimentary breccias, carbonates and minor felsic intrusives. Notably, hole DSR160 intersected 14 metres at 1.26g/t gold from six metres and two metres at 3.56g/t gold from 34 metres.

"Results like this are exceptional and rare. Whilst this discovery is still at an early stage, the consistency, high-grade and thickness from near-surface is remarkable," CEO and Managing Director Mike Brown said.

Western Splay

Results have confirmed and extended the strike of northwest-trending mineralised structures. Drilling has confirmed a 300-metre mineralised trend which is believed to extend by at least a further 200 metres and remains open in both directions.

Significant intersections include two metres at 19.80g/t gold from four metres, six metres at 1.79g/t gold from 28 metres and 10 metres at 1.10g/t gold from 111 metres.

"Additionally, we have achieved significant success at the Western Splay target where mineralisation along strike to a structure that is parallel to the Western Splay has been confirmed," Mike added.

Area B

Holes DSR162 to 164 intersected partially altered sedimentary breccias, while hole DSR165 intersected metasediments.

Drilling encountered mineralisation in DSR162 and intersected 10 metres at 1.26g/t gold from 50 metres and one metre at 3.44g/t gold from 89 metres.

Results from six RC holes in Area A are pending, as well as two incomplete holes that were re-entered.

Company shares have skyrocketed 167 per cent and are trading for 28 cents each at 11:28 am AEST.

CHZ by the numbers
More From The Market Herald
Great Northern Minerals (ASX:GNM) identifies large gold anomaly at Big Rush

" Inca Minerals (ASX:ICG) completes soil sampling at Frewena East

Inca Minerals (ICG) has completed an initial soil sampling program at the Frewena East Project in the Northern Territory.
Hexagon Energy Materials (ASX:HXG) to acquire Ebony Energy in off-market takeover

" Torian Resources (ASX:TNR) extends option agreement to purchase Tarmoola Station

Torian Resources (TNR) has extended its exclusive call option agreement to purchase the Tarmoola Station.
Podium Minerals (ASX:POD) plans upcoming capital raise

" Redbank Copper (ASX:RCP) secures $7.43M for exploration at namesake project

Redbank Copper (RCP) has raised $7.43 million to progress exploration at its Redbank Project in the McArthur Basin of the Northern Territory.
Ookami (ASX:OOK) to purchase stakes in two African exploration projects

" Ookami (ASX:OOK) to purchase stakes in two African exploration projects

Ookami (OOK) has agreed to purchase interests in two African mineral exploration projects, Boulbi and Messok East.